The Arab Petroleum Investments Corporation (Apicorp) has completed the sale of its 29% equity investment in National Petroleum Services (NPS) to National Energy Services Reunited (NESR).
The development comes after the transaction received approval from the US Securities and Exchange Commission (SEC) and NESR’s shareholders.
Apicorp originally invested in NPS in 2014 as part of a consortium that acquired 90% of the business.
The investment was part of Apicorp’s strategy to diversify its investment portfolio into the oil and gas services sector. It was aimed at developing a reliable oilfield services (OFS) provider in the region.
The acquisition of the stake in NPS will allow NESR to have a significant interest in an integrated energy services provider in the Mena and Far East Asia regions.
In addition, NESR will be able to improve its market presence in Gulf Cooperation Council (GCC) countries.
Apicorp CEO Dr Ahmed Ali Attiga was quoted by media sources as saying: “We are pleased to have played a significant role in financing the growth plans of NPS while providing strategic guidance to its well-experienced management.
“On the strength of its shareholders, management team, and its strong financial track record, NPS has been a highly successful investment and has enabled the consortium partners to realise significant value, a fitting endorsement of our strategy.
“Apicorp remains committed to driving the regional economic growth through our two-business arms of equity investment and debt financing, a capability that makes us one of the sector’s strongest and most robust financial institutions in the Mena region.”
NPS provides drilling, customised well services and support, with services, including electric line logging, well testing, and integrated drilling and workover operation to customers in the Middle East, North Africa and Far East Asia.
